What Happened to the 1894 P Morgan Prices
I started collecting Morgans around 2003 and a busy buyer up till about 2010. An everyman's collection, key dates VG - AU, semi-key VF - low MS, and common dates MS 62 - 64. Had the complete circulated collection and m any dupes. Use to update prices every few months, now it is like every other week with the jump in prices. Very pleased with the current market.
However there is only 1 coin I've lost money on, the 1894 P, and it's not because I made a bad purchase. I've kept all the old Greysheets and the March 2006 newsletter lists an XF bid $1,800 and $2,000 ask. That is about the time I bot. Looking at current auctions these range in general from $900 to $1,400. That's a 35% loss in value when everything else has gone up. Maybe the 94 MS+ coins have gained in value but the circulated 1894's have lost value.
What happened? When I look at EBAY there are more details holders then clean graded coins. Doesn't appear to be an oversupply. Was someone trying to corner the market back then and aggressively bid up the prices, or is there just no interest today in that date? Its the 2nd lowest mintage for the series. I'm stumped. The circulated 84-S have also not appreciated and just recently made it back to being flat compared to prices 15 years ago.
Your input greatly appreciated.